Former NBA Star Facing Foreclosure

by Deidre Woollard (RSS feed)
Feb 13th 2008 at 9:02AM

The latest celebrity victim of the foreclosure crisis is former NBA star Latrell Sprewell. Last summer, Sprewell's yacht, the 70-foot "Milwaukee's Best" was repossessed now his home is meeting the same fate. RBS Citizens NA, or Citizens Bank, has filed a foreclosure suit on Sprewell's $405,000 home in River Hills, a suburb of Milwaukee. Sprewell bought the home in 1994 and owed $295,138 in outstanding payments plus interest. The documents say that Sprewell failed to make his mortgage payments of $2,593 per month since last September.

Sprewell, now 37, was once one of the NBA's infamous bad boys, known for choking a coach during practice. He played 13 seasons total for three teams. Just a few years ago he turned down a three-year,$21 million contract extension from the Minnesota Timberwolves saying, "I've got my family to feed." At that time he was making $14.6 million a year. The yacht, which Sprewell bought for around $1.5 million was sold at auction for $856,000 to help pay off the $1.3 million he owes on the boat.

Sprewell is in some good company. Check out our gallery of other celebrity foreclosures below.

UPDATE: This article says that 60% of NBA players go broke after only five years of retirement. An interesting read for those of you in the comments who were wondering how this could have happened to Latrell Sprewell.

Gallery: Celebrity Foreclosures

Jeana Keough from the Real Housewives of Orange County

Filed under: Estates, Celebrity Shopping, Sports

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Reader Comments (Page 5 of 10)

Wongtpa Feb 15th 2008 12:32PM

No surprise, Sprewell is another jock without much between hie ears. Give most Americans his past fortune and they would be set for life. Live high and go broke fast. It is all about planning or the lack of same. Life in the fast lane has consequences.

jim Feb 15th 2008 12:43PM

Soon as I saw that an NBA player was going to lose his house, I knew who it was.

DAN Feb 15th 2008 12:51PM

LATERELL ''THE LATRINE'' SPREEWELL IS JUST ANOTHER DUMB JOCK THAT IS TOTALLY BRAINLESS AND DESERVES EVERYTHING THAT IS HAPPENING TO HIM BECAUSE HE DID NOT INVEST ANYTHING - TYPICAL GHETTO GARBAGE

IF I GOT THE MONEY HE GOT I WOULD NOT BE WORRYING ABOUT ANYTHING

tracy calabrese Feb 15th 2008 2:10PM

Don't give up on Spree, he could go back to school and get his degree. Oops, he is 128 credits short!What was his debt to income when he turned down 21 mil? Another physically abnormal mentally deficient NBAer.

sedeja Feb 15th 2008 12:57PM

Isn't this the idiot that turned down a 21 million dollar contract because he had his family to take care of ? Invest 5 million at 5% and you make 250,000 dollars a year. I think he was also the idiot that had a pet pitbull that mauled his child.

G Feb 15th 2008 1:07PM

I don't know how someone can't manage with that kind of income. I make 37,000 own my home,never missed a payment and save also. This guy for some reasone is very unorganized.

Thelma Feb 15th 2008 1:14PM

I watch basketball all the time and I admire the athletisism of these players but I think they are all over paid and I agree with the other comments, that had he been a little more frugal he could be a wealthy man. Look at Magic Johnson. No sympathy from me. When he was making 14 million and I am living on social security and looking to buy a 400,000 home? What is wrong with this picture?

Perry Feb 15th 2008 1:15PM

To say "...the latest celebrity VICTIM of the foreclosure crisis..." is a joke. That ex-NBA player is NOT a victim, he's part of the problem. Paying your bills on time is part of the responsibility of being an adult, let alone one that makes millions of dollars. He should be ashamed of himself.

Grim Feb 15th 2008 1:37PM

Spree dang, where did all the money go ? tell ya what spree when i hit the lotto i'll lend ya some

babykake7 Feb 15th 2008 2:05PM

I can never understand how anyone can earn so much money and then wind up in financial difficulties. In April 2006, I lost my husband. In 1991 he had a severe accident at work and was forced to go on Social Security Disability. He also received his pension from the Union. However, when he was injured he was 41 and I was 32. We had two small children and the union felt it was best for me to sign "spousal waiver" which would give us more money per month to raise the children. But, if anything were to happen to my husband, I would get nothing. When he passed away, my daughter was 18 and my son 14. I have had to live on 1100.00 per month for the past two years. I went thru all my savings, sold everything I owned, until there was nothing left. I would have worked five jobs to support my children, but I am handicapped. I applied everywhere for a job, and no one would give me one. I fell behind in the rent, and at present time we are literally homeless. My dear friends are letting us live in their basement, but we cannot stay here long as this house has been sold and the new owner will be taking over in two weeks. I have never stopped praying, and last week when I knew the eviction could not be stopped I turned over my entire life to Jesus. Only a miracle can help us. Yesterday, I did get my miracle. I was offered a grant for $3000.00 and that will be enough for us to rent a small apartment and put down the security deposit. When you lose everything you own, and cannot provide the basics for your children, you feel so low and worthless. I Thank Jesus with all my Heart for saving us from living on the streets. As for a job, I will never stop looking for one. I am a New Yorker and if anyone needs a secretary, or office assistant, please keep me in mind. God Bless you all...and may you never go through such a scary experience. Keep Jesus first in your lives, and he will take you places you never even dreamed of. Thanks for allowing me to share my story.

Shirley Emerson Feb 15th 2008 9:14PM

Whoa! He lost his yacht. I feel so sorry for him! hahahaha Yeah, right. He is a great example of someone who had more $$ than sense. What did he do with all that $$ he made? How much did his family eat anyway? D***!!
Hey all you other folks that don't know a thing about managing all those big bucks you're making---Why don't you throw some of it my way instead of throwing it away? I could sure use it!! I get by on a little of nothing!

R R Feb 15th 2008 1:38PM

this is pathetic, Obviously this guy had no clue how to run his life and had no clue how to have good people around him to help him with the poor decisions made. Wasnt he the inventor of the Spreewell spinning rims? that caught on pretty good, im sure he made some money off that Ghetto mess. As a black man i am ashamed of him. Hopefully as he grows older he will understand what life is all about and make better choices, Im sure he will not enjoy the apartment he is about to move his family in and if he still has a wife after this im sure she wont be happy either. Of course when we do things wrong folks never forget especially those that dont like who you and and what you stand for. thats why its so important to not give those people the reason to say i told you so blacks are violent criminals and they cant control there anger. (of course its all crap because blacks arent the only people who get angry and violent,) but if your in the spot light those type of people like to point that out. its sad and unfortunate this guy will pull his family down with him after having the ability to lift them up and keep them that way with a little wisdom. so sad.

JOE COOL Feb 15th 2008 1:41PM

LATRELL HOW DID YOU NOT PAY OFF THAT HOUSE AND BOAT ON YOUR SALARY OH WELL A FOOL AND HIS MONEY SUMS THAT UP I GUESS AND ALSO I DO BELIEVE THAT YOU WERE JUSTIFIED IN CHOKING THAT COACH FORE HE HAD A FLASHBACK TO HIS COLLEGE COACHING DAYS AND THOUGHT HE WAS DEALING WITH YOUNGSTERS BUT YOU REMINDED HIM THAT HE COACHED IN THE NBA AND TO THE INDIVIDUALS ALWAYS SAYING SOMEONE IS GHETTO WHAT IS GHETTO THE DEFINITION OF GHETTO IS AN AREA WHERE ONE RACE LIVES SO I GUESS THAT MEANS THAT THERE ARE WHITE GHETTOS TOO!!!!!!!!!!!!!!!!! PEACE OUT

SW Feb 15th 2008 1:45PM

I know lets get Congress will get involved

John American Feb 15th 2008 1:53PM

THIS IS THE NBA PLAYER WHO TRIED TO KILL HIS COACH.
I HOPE HE LOOSES EVERYTHING !!!!!!

chef1 Feb 15th 2008 2:26PM

Oh besides the $14 million that couldn't feed his kids?????? What about the money he has made of his Patented Rims. This guy is a freaking Idiot and has lost touch with reality.

DiamondD Feb 15th 2008 3:17PM

This guy must have an enormous family, if $21 million is insufficient to feed them. If you gave me the $14.6 million he received the year before, I could have made some very conservative investments that would have easily paid for his boat as well as his house and kept him in many other toys to boot.